E.ON announced the successful completion and tax equity financing of its 201-MW Stella wind farm in Kenedy County, Texas. Allianz Capital Partners of America on behalf of Allianz insurance companies provided tax equity financing in exchange for a partial interest in the Stella project. The project achieved commercial operation and closing of tax equity in December 2018.
“Concluding this financing transaction with Allianz strengthens our continued growth in the U.S. and confirms our position as partner of choice for the finance industry,” said Verena Volpert, Senior Vice President, Group Finance, E.ON SE.
The project, powered by 67 Acciona AW-125 3.0 MW turbines, will produce enough electricity to power more than 60,000 homes and establishes E.ON’s leadership in coastal wind projects with more than 1 GW in operation.
“We are excited to bring another project, our fifth Texas coastal project and our 23rd overall, online,” said Silvia Ortin, Chief Operating Officer, North America and E.ON Climate & Renewables Board Member. “Our excellence in capabilities and working together with our project partners enables us to deliver a competitive project that brings substantial long-term economic benefits to South Texas. More importantly we were able to achieve this milestone safely, on time and on budget.”
Approximately 300 construction jobs were created to bring the project online and local contractors spent more than $12 million on local products and services. Stella Wind Farm is projected to generate more than $25 million in revenue for Kenedy County. This additional revenue will support essential county services and local schools.
E.ON has developed, built, and operates more than 3,800 MW of wind, solar and energy storage renewable energy projects across the U.S., with more on the way. E.ON also offers O&M and asset management services to third party owner/operators looking for “Service with an Owner’s Eye.”